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Document 00 61 13.16 Payment Bond Form State of Ohio Standard Requirements for Public Facility Construction (Form of Payment Bond prescribed by Ohio Administrative Code Section 153:4102)KNOW ALL PERSONS

How to fill out 16 - payment bond

How to fill out 16 - payment bond

1. To fill out a 16 - payment bond, follow these steps:
2. Start by entering the project details, such as the project name, location, and contract number.
3. Provide the name and address of the principal, which is the party responsible for making payments under the bond.
4. Enter the name and address of the obligee, which is typically the owner or the party that requires the bond.
5. Include the name and address of the surety, which is the party providing the bond and guaranteeing payment.
6. Specify the penal sum, which is the maximum amount the surety is liable for in case of default.
7. Indicate the effective date of the bond and its duration.
8. Include any additional terms or conditions that may be required by the obligee.
9. Make sure to review and double-check all the information before submitting the completed bond form.
10. Obtain signatures from the principal, surety, and witness, if necessary, to validate the bond.
11. Keep a copy of the filled out bond for your records.

Who needs 16 - payment bond?

1. A 16 - payment bond is typically needed in construction projects. It is required by the obligee, which is usually the project owner or the entity funding the project. The bond ensures that the principal, who is responsible for making payments under the bond, fulfills their financial obligations to subcontractors, suppliers, and laborers involved in the project. It provides protection and reassurance to these parties that they will receive payment for their work and materials. Additionally, the bond offers financial security and mitigates risks for the obligee by guaranteeing the completion of the project and addressing any financial liabilities that may arise during its course.

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What is 16 - payment bond?

A 16 - payment bond is a type of surety bond that guarantees payment to subcontractors, laborers, and suppliers on a construction project.

Who is required to file 16 - payment bond?

Contractors and subcontractors on public construction projects are typically required to file a 16 - payment bond.

How to fill out 16 - payment bond?

To fill out a 16 - payment bond, you will need to provide information about the project, the parties involved, and the surety company issuing the bond.

What is the purpose of 16 - payment bond?

The purpose of a 16 - payment bond is to ensure that subcontractors, laborers, and suppliers are paid for their work on a construction project.

What information must be reported on 16 - payment bond?

Information such as the project name, location, contract amount, parties involved, and surety company details must be reported on a 16 - payment bond.